SPY vs USVN
State Street SPDR S&P 500 ETF Trust vs F/m US Treasury 7 Year Note ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USVN | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.15% | |
| AUM | $821.1B | $7M | |
| Dividend Yield | 1.01% | 4.15% | |
| Holdings | 505 | 2 | |
| YTD Return | +12.22% | -0.80% | |
| 1Y Return | +20.83% | +1.10% | |
| 3Y Return (annualized) | +21.70% | +4.23% | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 5.5% | |
| Max Drawdown | -56.5% | -8.3% | |
| Fund Family | State Street Investment Management | US Benchmark Series | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Mar 28, 2023 |
SPY vs USVN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and F/m US Treasury 7 Year Note ETF (USVN) is a ETF from US Benchmark Series. Over the past year SPY returned +20.83% while USVN returned +1.10%. Year to date, SPY is up 12.22% versus a loss of 0.80% for USVN.
Over three years, SPY compounded at +21.70% per year against +4.23% for USVN. Across the full 3-year window we track, SPY has the edge at +8.79% annualized vs +2.53%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.5% for USVN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -8.3% for USVN. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while USVN charges 0.15%. On a $10,000 position that is $9 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 4.15% for USVN.
Frequently Asked Questions
Which is cheaper, SPY or USVN?
SPY has an expense ratio of 0.09% while USVN charges 0.15%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or USVN?
Over the past year SPY returned +20.83% vs +1.10% for USVN, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.79% vs +2.53% for USVN. Past performance does not guarantee future results.
Which is riskier, SPY or USVN?
SPY has been the more volatile fund at 15.3% annualized versus 5.5% for USVN. Worst drawdown: SPY -56.5% vs USVN -8.3%.
Should I hold both SPY and USVN?
SPY and USVN have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or USVN?
SPY yields 1.01% while USVN yields 4.15%, so USVN currently pays the higher dividend yield.
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